If you are applying for a debt consolidation loan, here are six practical things you need to know to increase your chances of getting the loan.

The best place to get a loan is usually the bank where you already bank. They know you. They know how much you earn, because you deposit your paycheque with them each week. They want to loan you money, because that’s how they make money.

If you know someone else who also banks at your bank, ask for a referral to a loan officer they know. A referral may increase your chances of success.

Be ready to explain why you want the loan. In other words, what are you going to do with the money? You should have an answer ready for that question.

Be prepared to negotiate. If the bank agrees to give you the debt consolidation loan, but they require you to cancel all but one of your credit cards once they are paid off, are you willing to do that? (Here’s a bonus tip: yes, you should be willing to do that, because you want to prevent any increases in your debt).

Read the fine print. If they offer you a loan, be sure to understand how much you are required to pay. What’s the interest rate? How many years will it take to repay the loan? Can you pay it off early?

Discuss payment frequency. If you get paid weekly, you should ask the bank to take the payments directly out of your bank account weekly. A weekly payment is easier to manage on a weekly paycheque than a monthly payment, and you will pay the loan off faster if you pay weekly.

By being prepared you increase your chances of getting a debt consolidation loan.